The zones to create new hubs for businesses across key growth sectors
Four special economic zones are to be established in Saudi Arabia, Crown Prince Mohammed bin Salman recently announced.
The aim of the new zones, located in Riyadh, Jazan, Ras Al-Khair and King Abdullah Economic City, is to open new opportunities for international investors, the Saudi Press Agency reported.
“Saudi Arabia is open for business and welcomes investors from all around the world to see first-hand the historic opportunities we have to offer,” the Crown Prince affirmed.
“The new special economic zones launched today will significantly impact how business is done in the country, create tens of thousands of jobs, and contribute billions of riyals to our gross domestic product.”
The zones will take advantage of the Kingdom’s strategic location to create new hubs for businesses across key growth sectors so that they can launch and expand companies and technologies that will help shape the future, according to the SPA.
The zones, which will be regulated by the Economic Cities and Special Zones Authority, will provide fresh solutions to the challenges many global businesses face as they attempt to localize and strengthen supply chains, they added, and help the Kingdom take advantage of key macroeconomic shifts to create a truly differentiated business environment, activating new sectors and value chains.
“This is an exciting moment. We are proud to see the launch of these four special economic zones that offer the chance for foreign investors to have a stake in the world’s fastest growing economy,” commented Saudi Minister of Investment Khalid Al-Falih, and Chairman, Saudi Economic Cities and Special Zones Authority,
With hugely attractive financial incentives, world-class infrastructure, business-friendly regulations and streamlined procedures for investors, there has never been a better time to be part of Saudi Arabia’s economic success story,” remarked HE Nabil Khoja, Secretary General, Saudi Economic Cities and Special Zones Authority,
The zones launched today cover a wide range of industries:
King Abdullah Economic City (KAEC) SEZ:
KAEC is the premier destination for advanced manufacturing and logistics, from automobile supply chain and assembly to consumer goods, ICT to MedTech. Set in a prime location on the Red Sea, less than 90 minutes from Jeddah Airport, this 60sqkm site offers unrivaled access to global trade routes through King Abdullah Port, ranked the world’s most efficient by the World Bank in 2022.
An industrial center and key platform for trade with fast-growing markets in Africa and Asia, Jazan SEZ offers access to the largest port in the region for export of goods and import of materials, helping investors benefit from and contribute to large-scale infrastructure projects in Saudi Arabia and around the world, backed by easy access to both natural and industrial resources.
Ras Al-Khair SEZ:
A launchpad on the Arabian Gulf for leaders in the maritime industry, Ras Al-Khair SEZ is a fully integrated marine ecosystem, with a rich network of existing investors – 40% of the zone is already reserved – and myriad opportunities across shipbuilding and repair, offshore drilling and maritime value chains.
King Abdulaziz City for Science and Technology (KACST):
In King Abdulaziz City for Science and Technology (KACST), a new Cloud Computing SEZ will serve as a hub for emerging and disruptive technologies. A direct manifestation of the Kingdom’s ‘Cloud First’ policy, the Cloud Computing SEZ underlines the Kingdom’s commitment to digital innovation and the fast-growing tech sector.